Risk-takers are feeling relieved. This week's falls in equities and commodities have stopped just as they threatened to turn into a significant tumble.
The preceding sell-off saw markets ignore good news, such as the return to growth in the US. But the bounce has come despite any obvious improvement in the main catalysts for the markets' bout of nerves.
These were, most would agree, the extra political risk in the US exemplified by the “Volcker rule” proposals to split banks from proprietary trading; the fiscal crisis in Greece; and monetary tightening in China.
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